World Bank supports NBU on Oschadbank supervisory board row

Photo: UNIAN

Photo: UNIAN

The World Bank has said Facebook that is supports strongly the reform of governing bodies of Ukrainian state banks.

"A key aspect of this reform is the introduction of independent supervisory boards ... according to the requirements of the new edition of Article 7 of the Law on Banks and Banking Activities," the the World Bank said.

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The law was adopted in 2018. At the beginning of this year, the Cabinet of Ministers, on the basis of competitive selection, nominated candidates for members of supervisory boards of state banks. These candidates, according to the new law, must be approved by the National Bank of Ukraine.

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"The duty of the NBU is to conduct a thorough and independent assessment, which includes making professional judgments regarding the availability of qualification data for candidates nominated as part of the supervisory boards and their compliance with all requirements of the law," the World Bank said.

The message appeared on Friday evening after the NBU said it would not agree on five of the nine members of the Supervisory Board of Oschadbank, including the head of the board Sevki Acuner.

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The NBU also expressed concern that the Supervisory Board prolonged, without competition, the tenure of its Oschadbank Chairman Andriy Pyshny.

According to the law, the Cabinet of Ministers makes final decision on Supervisory Board candidates. Up to this point, the existing board and its decisions are legal.

The new composition of the Supervisory Board will be able to reconsider these decisions, if there is such a need.

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